As reported by NJ.com, "The number of residential foreclosure filings in Mercer County was up 39.1 percent in August over the same period last year, keeping pace with a statewide increase of 40 percent, according to the latest figures available from the state judiciary...The August foreclosure figure was 249, up from 179 a year earlier. The August 2009 figure also is up sharply from July of this year, when the county notched 198 foreclosure filings, a 25 percent increase.
"Burlington County foreclosure filings jumped to 289 in August of this year from 206 a year ago. In Monmouth County a striking increase also was seen, to 375 from 268. In Hunterdon County, filings in August climbed to 49 from 42 a year earlier. The statewide numbers are dropping from their high in June when 6,138 foreclosures were filed and July when 5,820 were tallied in July." Mercer and Salem Counties increased in August by the highest percent, and Hunterdon and Passaic decreased by the lowest margins.
Nationwide, the foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released by RealtyTrac. That puts foreclosure-related filings on a pace to hit about
Numbers are still high in New Jersey because unemployment figures are still high in the state. Statewide, the numbers are expected to fall below 5,000 in September. While the economy is likely out of recession, the unemployment rate is now at a 26-year high of 9.8 percent, a rate that isn't expected to peak until the middle of next year.
Realize a foreclosure filing doesn't mean the homeowner actually loses the home. State and federal programs are helping thousands renegotiate their loans through mediation offered by the lenders. The article continues, "More than 2,600 New Jerseyans have received counseling through the state's Foreclosure Mediation Program, Gov. Jon Corzine said earlier this month. About 1,450 cases have been completed, and roughly half of the homeowners were able to stay in their homes. The Obama administration also said roughly 500,000 homeowners nationwide have had their loans modified under the federal "Making Home Affordable" program."
As a part of the program, the administration announced an initiative to provide support to state and local housing agencies, said Lisa Ryan, a state government spokeswoman. The new program is aimed at expanding resources for low and middle income borrowers who want to buy or rent a home and provide low mortgage rates.
If you are having trouble making your mortgage payments, realize you do have options to foreclosure. I recently listed a home in Ewing which was a short sale and - because it was priced right - it has gone into escrow in a month. These homeowners will avoid foreclosure because they understood they had to price the home aggressively - there is a lot of competition in Mercer County - and took action early in their financial crisis. Contact me for a free market analysis of your property - let's talk about your alternatives and how you can avoid foreclosure.
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